Duet Protocol

Duet protocol (Duet) is a Multi-chain synthetic asset protocol that sharpens all assets for use in the blockchain world. A duet in music refers to a piece of music where two people play different parts or melodies. Similarly, Duet protocol allows traders to replicate the real-world tradable assets in a decentralised finance ecosystem.

Duet is the world’s first multi-chain synthetic asset protocol with a hybrid mechanism (Duetovercollateralization + algorithm-pegged) is a Multi-chain synthetic asset protocol that “sharpens” all assets forto usebe intraded on the blockchain world. A duet in music refers to a piece of music where two people play different parts or melodies. Similarly, the Duet protocol allows traders to replicate the real-world tradable assets in a decentraliseddecentralized finance ecosystem.

Traditional assets like real estate, bonds, cash, or stocks are “Flat Assets”, which have low liquidity and low interoperability. However, the “core assets” of web3.0 need transparency and programmability, identified as cryptocurrencies and tokens; this is what we call “Sharp Assets”. Some of the “Flat Assets” have already been digitized, via Security Tokens, etc, but digitizing them alone couldn’t make them sharp enough because final clearing and custody are in the hands of inefficient, centralized institutions controlled by a large number of conservative stakeholders. The next stage of DeFi is to link “Flat Assets” and “Sharp Assets” to mint not only stable, natural Assets, such as DuetUSD, DuetEUR but also “Sharp” synthetic financial assets.

Powered by Duet DAO, the Duet protocol relies on community governance to set parameters such as adding new collaterals, mintable assets, and electing committees (such as risk control, tech), to jointly vote on proposals.

The Duet protocol has five main components:

The DUET Token

Name (SYMBOL): Duet Governance Token (DUET)

Ethereum (ERC-20) contract address: https://etherscan.io/token/0xd69ae79b01c4af7f19b9a824e5643363b202b3a1

Duet Token (DUET), the governance token of Duet, undertakes the following functions:

- Used as collateral to mint “Natural Asset” (stablecoins) and “Sharp Assets” (traditional financial assets)

- Used as fuel to be burnt and mint Natural Asset and Sharp Assets.

- Boost capital utilization while enhancing system robustness following our unique algorithm

- Provide liquidity mining rewards for dAssets in swaps or lending

- Voting governance, including list new assets or adjust system parameters, etc.

- Fee payments in the entire DUET ecosystem.

Token distribution plan

The total supply of Duet tokens is capped at 420 million (the answer to everything is “42”), of which the team and early investors only retain 15% of the share, 80% of the tokens will be released to ecological participants through governance, LP mining, airdrops, etc. The distribution is as follows:

Roadmap

Most of the upgrades in 2021 are planned by the Duet founding team. After the system matures in 2022, important functional upgrades will be decided by the community. Therefore, the roadmap may be flexibly upgraded, and all future enhancements will be voted on before being implemented.

Apr 2021 Development and test of Instant DUET/dAsset Minter and coresPrelude-mining launch and get the code audited

Q2 2021

— IDO and Ethereum launch

— Launch on BSC or other EVM blockchain, do IDO correspondingly.

Q3 2021

— Launch on a new permissionless chain; Support 50+ synthetic assets, including inverse assets, VIX, interest rates, etc.

Q4 2021

— Launch DUET’s own swap and lending modules. Integrate dAssets with lending protocols and multichain swaps.

— Upgrade the decentralized oracle

Q1 2022

— Atomic cross-chain zk dAssets transactions & community-based dAsset management platform

Q3 2022

— Covering more than 500 core assets achieving the goal of global coverage

Q4 2022

— First “Chord Chapter”-accept off-chain assets as collateral. Migrate data server from traditional IDC to IPFS network to realize fully decentralization

Conclusion

By our algorithm-based hybrid synthetic model and yield enhancement module, the DUET token can capture more values in the overall system. By the innovative design, Duet can bridge the real and digital world in an elegant way, enabling global users easily access to tranditional assets, such as commodities, precious metals and U.S. stocks, via one digital wallet.